Jiangxi Province has started a modern agricultural project with a loan of US$100 million from the World Bank, according to the provincial government office responsible for absorbing foreign investment.
This is the biggest loan Jiangxi has ever used in its agricultural development, said the office.
Jiangxi plans to invest 1.28 billion yuan (US$154 million) in a comprehensive modern agriculture project. Of the total investment, 65 percent will come from the World Bank's loan.
The project, carried out in 21 counties, cities and districts in the province, will cover a wide range of agricultural development, including irrigation, farmland transformation, processing of agricultural products and the construction of a market-oriented system.
Under the scheme, 54 percent of the funds will go to irrigation and 30 percent be used in transformation of farmland.
The project, aimed at sustainable development of Jiangxi's agriculture, is scheduled to end in 2007.
(Xinhua News Agency September 29, 2004)